Latest news with #businessrecovery
Yahoo
16 hours ago
- Business
- Yahoo
CBI kicks off search for successor to ‘saviour' Soames
The CBI has begun a search for a successor to Rupert Soames, its chairman, as it continues its recovery from the crisis which brought it to the brink of collapse in 2023. Sky News has learnt that the business lobbying group's nominations committee has engaged headhunters to assist with a hunt for its next corporate figurehead. Mr Soames, the grandson of Sir Winston Churchill, was recruited by the CBI in late 2023 with the organisation lurching towards insolvency after an exodus of members. Money latest: Has bond market calmed after chancellor's tears? The group's handling of a sexual misconduct scandal saw it forced to secure emergency funding from a group of banks, even as it was frozen out of meetings with government ministers. One prominent CBI member described Mr Soames on Thursday as the group's "saviour". "Without his ability to bring members back, the organisation wouldn't exist today," they claimed. Mr Soames and Rain Newton-Smith, the CBI chief executive, have partly restored its influence in Whitehall, although many doubt that it will ever be able to credibly reclaim its former status as 'the voice of British business'. Its next chair, who is also likely to be drawn from a leading listed company boardroom, will take over from Mr Soames early next year. Egon Zehnder International is handling the search for the CBI. "The CBI chair's term typically runs for two years and Rupert Soames will end his term in early 2026," a CBI spokesperson said. "In line with good governance, we have begun the search for a successor to ensure continuity and a smooth transition."
Sky News
17 hours ago
- Business
- Sky News
CBI kicks off search for successor to ‘saviour' Soames
The CBI has begun a search for a successor to Rupert Soames, its chairman, as it continues its recovery from the crisis which brought it to the brink of collapse in 2023. Sky News has learnt that the business lobbying group's nominations committee has engaged headhunters to assist with a hunt for its next corporate figurehead. Mr Soames, the grandson of Sir Winston Churchill, was recruited by the CBI in late 2023 with the organisation lurching towards insolvency after an exodus of members. The group's handling of a sexual misconduct scandal saw it forced to secure emergency funding from a group of banks, even as it was frozen out of meetings with government ministers. One prominent CBI member described Mr Soames on Thursday as the group's "saviour". "Without his ability to bring members back, the organisation wouldn't exist today," they claimed. Mr Soames and Rain Newton-Smith, the CBI chief executive, have partly restored its influence in Whitehall, although many doubt that it will ever be able to credibly reclaim its former status as 'the voice of British business'. Its next chair, who is also likely to be drawn from a leading listed company boardroom, will take over from Mr Soames early next year. Egon Zehnder International is handling the search for the CBI. "The CBI chair's term typically runs for two years and Rupert Soames will end his term in early 2026," a CBI spokesperson said. "In line with good governance, we have begun the search for a successor to ensure continuity and a smooth transition."
Sky News
17-06-2025
- Business
- Sky News
Poundland plans to shut 68 stores and two distribution sites
The new owner of the discount retailer Poundland has revealed proposals to close 68 stores and two distribution centres. Gordon Brothers, the investment firm which snapped up the struggling brand for a nominal sum last week, said its recovery plan "intended to deliver a financially sustainable operating model for the business after an extended period of under-performance". The company was yet to confirm exactly how many staff would be affected. Please refresh the page for the fullest version.
Globe and Mail
29-05-2025
- Business
- Globe and Mail
Microchip Technology Raises Financial Guidance for Sales and EPS for First Quarter of Fiscal Year 2026
CHANDLER, Ariz., May 29, 2025 (GLOBE NEWSWIRE) -- Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today updated the range of its prior guidance for net Sales and GAAP and non-GAAP earnings per share for its fiscal first quarter of 2026 ending June 30, 2025. Microchip now expects consolidated net sales for the June quarter to be between $1.045 billion and $1.070 billion. Microchip previously provided guidance on May 8, 2025 of consolidated net sales to be between $1.025 billion and $1.070 billion. GAAP loss per share is now expected to be between $(0.11) and $(0.07), and non-GAAP earnings per share is now expected to be between $0.22 and $0.26. The original guidance for the GAAP loss per share was $(0.15) and $(0.07), and the original guidance for non-GAAP earnings per share was between $0.18 and $0.26. Steve Sanghi, Microchip's CEO and President, commented, "With almost two months of the quarter behind us, our business is performing better than we expected at the time of our May 8, 2025 earnings conference call. Our bookings activity for the month of May is tracking to be higher than any month in the last two years. We are gaining confidence in the recovery of our business as we execute on our strategic initiatives, reduce inventory levels and make progress towards our long-term business model." There will be no conference call associated with this press release. Microchip is attending the Stifel 2025 Cross Border 1x1 Conference and the B of A Securities Global Technology Conference on Wednesday June 3, 2025. A live webcast and replays from the B of A Conference will be available at Cautionary Statement: The statements in this release relating to expecting consolidated net sales for the June quarter to be between $1.045 billion and $1.070 billion, GAAP loss per share to be between $(0.11) and $(0.07), non GAAP earnings per share to be between $0.22 and $0.26, that our business is performing better than we expected, that our bookings activity for the month of May is tracking to be higher than any month in the last two years, that we are gaining confidence in the recovery of our business as we execute on our strategic initiatives, reduce inventory levels and make progress towards our long-term business model are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in the scope and level of tariffs, interest rates or high inflation, actions taken or which may be taken by the Trump administration or the U.S. Congress (including budget and tax legislation), monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; the impact that the CHIPS Act will have on increasing manufacturing capacity in our industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017); fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally. For a detailed discussion of these and other risk factors, please refer to Microchip's filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip's website ( or the SEC's website ( or from commercial document retrieval services. Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this May 8, 2025 press release, or to reflect the occurrence of unanticipated events. About Microchip: Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. Our solutions serve approximately 109,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at Note: The Microchip name and logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.
Daily Mail
24-05-2025
- Business
- Daily Mail
M&S boss Stuart Machin vows... We intend to come back better and stronger than ever after cyber attack
M&S boss Stuart Machin has every reason to hate the shadowy cyber-criminals who attacked the store he runs. He has been working night and day to try to put it right, it has threatened his successful recovery drive and will cost him £1 million in pay. Surely he would like to see draconian punishment for the culprits? But Machin refuses to be drawn on what he'd like to say to the hackers, reported to be a gang including teenagers, and what their punishment should be. He says: 'I'm not focused on the hackers. I detached myself from that very quickly.' Because he was so angry? 'Because I wanted to put my energy into our customers, our colleagues, into getting the business on track,' he says. In his first interview since the attackers struck, he defied the hackers and vowed: 'We intend to come back better and stronger than ever.' Machin learned late at night that the store's systems had been hacked, and his reaction was visceral. He says: 'I went into shock. It's in the pit of your stomach, the anxiety. But you have to think: 'Stuart, you have to lead this, you have to keep a cool head.' I don't know if I was calm. It was a mixture of emotions because I care, I put my life into transforming M&S.' Having emerged from the shock, he says: 'By day three I was going everywhere and talking to everyone. I spoke to every store manager.' Cyber incidents are all too common these days but in M&S, the hackers had targeted a national icon. There was even speculation early on that Marks was singled out by a hostile power due to its unique place in British hearts. However, when I use the word crisis, the 54-year-old bridles. He says: 'I wouldn't call it a crisis – that is too dramatic.' What would he call it? 'An incident, a setback, a bump in the road, a disruption,' he says. 'I'm not underestimating it, I have a responsibility to be truthful, to put things in perspective and be pragmatic.' Whatever the vocabulary, there is no doubt this is a serious situation. Shoppers, staff and shareholders have been unnerved by the hack, by shadowy cyber-criminals who apparently gained entry to M&S systems via a third party. The personal data of millions of customers was stolen though Machin insists the hackers have not done anything with it and there is constant monitoring in place. M&S revealed last week the costs will be up to £300 million and the disruption could go on until July. Machin says, with some understatement, that it is 'frustrating, because we just had the best year in 17 years'. Shares in the retailer had, until the attack, been recovering well but around £1 billion has been wiped off its market value. Having taken over as chief executive in 2022, he had, until the cyber chaos, earned plaudits for transforming the retailer. The much loved chain had lost its way and none of his predecessors had quite managed to put it definitively back on course. Machin lives and breathes M&S. A workaholic and self-confessed perfectionist control freak, he wakes at the crack of dawn and spends much of his weekends checking out stores. He has been so focused on sorting out the hack that he has been too busy for a long chat with his beloved mum, who he says is his inspiration. 'I haven't really spoken to her,' he says. 'I gave her one quick call last week and that was it. I've just not had time. It is not true we had sleeping bags here, but the first week, it was full on 24 hours a day.' Rather than succumb to despair, he vows M&S will emerge stronger. He says: 'I feel motivated by this and the store managers do too. I had a text from a regional director saying a smooth sea never made a skilled sailor. We've been around for 140 years with lots of challenges. We survived that and we'll survive this.' He has been buoyed by support from customers, including his good friend Dame Joan Collins. The 92-year-old posted a video on Instagram of herself taking time out of shooting a movie to buy snacks in Marks & Spencer. The star was looking glamorous in oversized sunglasses, a quilted leather jacket and a baseball cap. 'Joan went in shopping straight away and did some social media. She sent me a message wishing me all the best,' Machin says. He also found light relief in a post on social media from a customer telling the hackers they had upset her cat because its M&S treats were temporarily unavailable. The post went viral with demands to call in the FBI: the Feline Bureau of Investigations. 'We've sent the customer a bag of cat treats now,' says Machin, who has been deluged with thousands of letters, emails and social media posts from customers, 80 per cent supportive, he says. Even City analysts have been charitable. Experts at Shore Capital, the retailer's 'house' broker, said the response to the hack 'has shown M&S leadership and culture at its best'. Rival brokers at Peel Hunt weighed in to say: 'We love what management has done and it is with a heavy heart that we downgrade the shares to 'hold'.' The broker had previously rated M&S as a 'buy'. Machin's aim is to wrest triumph from disaster. He hopes to exploit the time to push through improvements to the online merchandise planning platform. He says: 'It was a three-year plan. Probably it will be a year and a half now.' He is buoyed by the fact M&S was in its best financial shape for 30 years before the hackers struck, so is in a strong position to weather the storm. Its balance sheet was 'very strong' after net debt had been reduced by £900 million over three years. When quizzed on why it is taking so long to restore online fashion shopping, his answer is that it is not. He says: 'It may take five or six weeks, but, to put that in context, we are on a five-year transformation plan. One thing I know about leadership is this. I am very demanding but if you are just demanding about the speed of the outcome, you have people taking shortcuts. So I'd like to get it right.' He says 'quite a few' chief executives rang him to commiserate, having been through similar experiences. He says: 'It can happen to anyone. They all advised me to watch for burnout, and that it is likely to take longer than you think to put right. Everyone is way too obsessed with it taking too long. It is quite unfair. I have always – when I have given updates – been brutally honest. I have managed expectations because I don't like going out with false hope.' Have lessons been learnt? 'I don't know if the term is lessons but I have learned everyone is vulnerable. The hackers only need to be lucky once,' Machin says. The episode raised questions as to the state of M&S's preparedness, its defences and back-up plans. The retailer was investing heavily in cyber security ahead of the attack, Machin says, adding: 'We did a simulation exercise last year. Because of that, I knew who to call. I had people on speed dial in case it happened.' The cyber-security team has been increased four-fold in three years, he says, and the 'tech spend is three times what it was five years ago'. He adds: 'We told the authorities immediately. We had a plan in place in case this happened.' Is there enough technological expertise among directors and senior managers to make sure the company is protected against further attacks? Does the board need to be stronger in that respect? 'I would make it a broader point of beefing up our experience of tech and this is something we have done,' Machine says. 'Go back two years, and I was really clear I wanted a bigger leader on tech, which is why we recruited Rachel Higham as our chief digital and technology officer.' Higham, who was previously at advertising giant WPP, joined just over a year ago. Machin says: 'She has gone through this before though and she is very resilient.' He seems put out by suggestions that the company may face an investigation by the Information Commissioner's Office for its handling of the affair, saying: 'I don't know if regulators will be investigating but I hope not and I would be disappointed. 'We have worked very hard to do the right thing and keep everyone up to date and informed.' He has, he says, already drawn a line under the affair. He says: 'We are chins up, shoulders back, dust ourselves down. 'I want to look forward.'
